SPYM vs. SWPPX

Last updated Jul 14, 2026

SPYM (State Street SPDR Portfolio S&P 500 ETF) and SWPPX (Schwab S&P 500 Index Fund) are both funds - SPYM is a S&P 500 fund tracking the S&P 500 Index, while SWPPX is a Large Cap Blend Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPYM returned 15.18%/yr vs 15.29%/yr for SWPPX. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.02% expense ratio.

Performance

SPYM vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 ETF (SPYM) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYM achieves a 10.50% return, which is significantly lower than SWPPX's 11.35% return. Both investments have delivered pretty close results over the past 10 years, with SPYM having a 15.18% annualized return and SWPPX not far ahead at 15.29%.

SPYM

• 1D: -0.75%
• 1M: 1.29%
• 6M: 8.37%
• YTD: 10.50%
• 1Y: 21.58%
• 3Y*: 20.18%
• 5Y*: 13.01%
• 10Y*: 15.18%

SWPPX

• 1D: 0.46%
• 1M: 2.04%
• 6M: 9.23%
• YTD: 11.35%
• 1Y: 22.46%
• 3Y*: 21.36%
• 5Y*: 13.22%
• 10Y*: 15.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYM vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYM State Street SPDR Portfolio S&P 500 ETF	10.50%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%
SWPPX Schwab S&P 500 Index Fund	11.35%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between SPYM and SWPPX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.86

The correlation between SPYM and SWPPX shifts across timeframes, from 0.86 (all time) to 1.00 (5 years), reflecting how their relationship changes across market environments.

SPYM vs. SWPPX - Sectors Allocation Comparison

Sectors	SPYM	SWPPX
Technology	39.5%	39.0%
Financial Services	11.8%	11.1%
Communication Services	10.3%	10.6%
Consumer Cyclical	9.3%	9.9%
Healthcare	8.8%	8.3%
Industrials	7.5%	7.8%
Consumer Defensive	4.3%	4.5%
Utilities	2.3%	2.1%
Energy	2.1%	3.1%
Basic Materials	1.7%	1.7%
Real Estate	1.5%	1.8%

Return for Risk

SPYM vs. SWPPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPYM

SPYM Risk / Return Rank: 66
SPYM Sharpe Ratio Rank: 67
SPYM Sortino Ratio Rank: 65
SPYM Omega Ratio Rank: 66
SPYM Calmar Ratio Rank: 61
SPYM Martin Ratio Rank: 72

SWPPX

SWPPX Risk / Return Rank: 65
SWPPX Sharpe Ratio Rank: 63
SWPPX Sortino Ratio Rank: 59
SWPPX Omega Ratio Rank: 61
SWPPX Calmar Ratio Rank: 66
SWPPX Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPYM vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 ETF (SPYM) and Schwab S&P 500 Index Fund (SWPPX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPYM	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.77	-0.04
Sortino ratio: Return per unit of downside risk	2.39	2.42	-0.03
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	2.43	2.49	-0.06
Martin ratio: Return relative to average drawdown	10.62	10.92	-0.30

SPYM vs. SWPPX - Sharpe Ratio Comparison

The current SPYM Sharpe Ratio is 1.73, which is comparable to the SWPPX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SPYM and SWPPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPYM vs. SWPPX - Drawdown Comparison

The maximum SPYM drawdown since its inception was -54.46%, roughly equal to the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for SPYM and SWPPX.

Drawdown Indicators

	SPYM	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-54.46%	-55.06%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-8.89%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-18.74%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	-24.51%	+0.03%
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	-33.80%	-0.07%
Current Drawdown Current decline from peak	-1.09%	-0.31%	-0.78%
Average Drawdown Average peak-to-trough decline	-7.13%	-9.92%	+2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.02%	+0.02%

Volatility

SPYM vs. SWPPX - Volatility Comparison

State Street SPDR Portfolio S&P 500 ETF (SPYM) and Schwab S&P 500 Index Fund (SWPPX) have volatilities of 4.22% and 4.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYM	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	4.28%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	9.98%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.55%	12.55%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	17.03%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	18.21%	-0.21%

SPYM vs. SWPPX - Expense Ratio Comparison

Both SPYM and SWPPX have an expense ratio of 0.02%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPYM vs. SWPPX - Dividend Comparison

SPYM's dividend yield for the trailing twelve months is around 1.03%, more than SWPPX's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYM State Street SPDR Portfolio S&P 500 ETF	1.03%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%
SWPPX Schwab S&P 500 Index Fund	1.00%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Frequently Asked Questions

Can I hold both SPYM and SWPPX in my portfolio?

With a correlation of 0.99, SPYM and SWPPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPYM or SWPPX?

SWPPX has higher volatility (4.28%) compared to SPYM (4.22%). In terms of maximum drawdown, SPYM dropped -54.46% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

SWPPX currently has the higher Sharpe Ratio (1.77 vs 1.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.